Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Dollar Weakens Ahead of Expected Federal Reserve Rate Cut 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
Oil prices made a modest recovery on Friday after four consecutive days of losses but were still set for their steepest weekly drop since late June. Market sentiment remains cautious as traders anticipate that OPEC+ could announce a significant production hike despite oversupply fears.
Brent crude futures inched up 0.3% to $64.29 a barrel, while U.S. West Texas Intermediate (WTI) gained 0.3% to $60.67. Even with this slight rebound, Brent is on track for an 8.3% weekly loss and WTI for a 7.6% drop, reflecting heightened bearish pressure in the oil market. If the downtrend continues, Brent could close at its lowest level since late May, while WTI may fall to levels not seen since early May.
Reports suggest OPEC+ may agree to boost production by as much as 500,000 barrels per day in November, tripling October’s planned increase. Analysts believe such a move, spearheaded by Saudi Arabia’s push to regain market share, could send oil prices lower, possibly testing support at $58.00 and even revisiting 2023 lows near $55.00.
Additional factors are weighing on crude, including weaker global refinery runs due to seasonal maintenance, slowing demand, and rising U.S. inventories. The U.S. Energy Information Administration confirmed a build-up in crude oil, gasoline, and distillate stocks last week as refinery activity and demand softened.
Market jitters are also amplified by broader economic concerns. Uncertainty around a potential U.S. government shutdown and the resumption of Kurdish oil exports from Iraq add downward pressure. Meanwhile, the Group of Seven (G7) finance ministers reaffirmed their commitment to tightening restrictions on Russian oil sales, targeting countries increasing imports from Moscow.
Overall, the oil market faces a fragile outlook. Unless demand picks up, rising supply and weakening fundamentals could push crude prices into further decline, keeping traders on edge as OPEC+ prepares its next move.
